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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 25 Nov 2018
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      Patrick McKenzie Retweeted

      So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it. https://twitter.com/gwestr/status/1066769641026969600 …

      Patrick McKenzie added,

      This Tweet is unavailable.
      7 replies 56 retweets 200 likes
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    2. Patrick McKenzie‏ @patio11 25 Nov 2018
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      The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

      9 replies 9 retweets 99 likes
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    3. Patrick McKenzie‏ @patio11 25 Nov 2018
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      This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

      2 replies 2 retweets 35 likes
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      Patrick McKenzie‏ @patio11 25 Nov 2018
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      The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

      5:27 PM - 25 Nov 2018
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      2 replies 7 retweets 106 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 25 Nov 2018
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          This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.

          2 replies 3 retweets 38 likes
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        3. Patrick McKenzie‏ @patio11 25 Nov 2018
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          Pause here to acknowledge that product two has learned exactly which words to emphasize to product one's audience to borrow their credibility, networks, and talents to facilitate the building of their payment rails and legal entity shellgames. ("It's censorship resistance!")

          1 reply 3 retweets 47 likes
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        4. Patrick McKenzie‏ @patio11 25 Nov 2018
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          "Why are Bitcoin exchanges hives of scum and villainy?" Because if they weren't Bitcoin would be valued at its use value, not its speculative value. "Why don't we find a bottom in the market?" Because the use value is, to a reasonably accurate approximation, zero.

          5 replies 41 retweets 165 likes
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        5. Patrick McKenzie‏ @patio11 25 Nov 2018
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          Oh to be a character in a Michael Lewis book, seeing the world around him gone utterly mad and being virtually unable to stop it or profitably trade it because of market microstructure. *sigh* Hey narrator, make this book more like the Big Short and less like Flash Boys, please.

          4 replies 3 retweets 81 likes
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        6. End of conversation
        1. hikikomorphism 🏳️‍🌈 🏝 🛰️‏ @hikikomorphism 25 Nov 2018
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          Replying to @patio11

          there are also black market purchases (pretty good fit) and ransomware decrypt payouts (excellent fit)

          0 replies 0 retweets 5 likes
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